Fed policymakers expressed concern last month that raising
interest rates too soon could pour cold water on the U.S.
economic recovery, and fretted over the impact of dropping
"patient" from the central bank's interest rate guidance.

"I think it's probably much more dovish than anybody
anticipated, that's for sure. I think June is going to be hard
for them to move, but that's not to say they won't," said Greg
Peters, senior investment officer at Prudential Fixed Income in
Newark, New Jersey.

An index of S&P 500 utilities was up 2.1 percent
and the biggest positive in the S&P 500 as bond yields declined.

Energy shares were the biggest drag, led by Exxon Mobil
, which fell 2.5 percent to $90.68 following news of an
explosion and fire at an Exxon refinery near Los Angeles.
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